AMC Global Media Inc. Q1 FY2026 earnings call

• Busy start to the year with first quarter double-digit streaming revenue growth and robust free cash flow generation. - Notable improvement in first quarter advertising revenue trends. - Entered into a new long-term affiliation agreement with DISH and Sling TV. - Streaming business is the world's largest collection of targeted services. - Changed company name to better reflect the business. - Tracked to plan across all key metrics and reiterated 2026 financial outlook. - Greenlit new original series for AMC and AMC+, renewed sports docuseries, announced partnership with Meta, and Acorn TV's Murder Mystery May. - Launched new drama, had film releases, and had return of important franchises. - Search for new CFO is progressing

Domestic operations revenue decreased 3% to $471 million. Subscription revenue decreased 3% year over year with streaming revenue growth of 11% offset by a 16% decline in affiliate revenue. Domestic operations advertising revenues declined 5%, primarily due to lower marketplace pricing. First quarter content licensing revenue of $53 million. Domestic operations AOI decreased 26% to $92 million. International revenues increased 3% to $72 million for the first quarter. Excluding the favorable impact of foreign currency translation, international revenues decreased approximately 5%. International subscription revenue, excluding FX, decreased 5%, reflecting the wind-down of a joint venture that operated primarily in Poland and Africa. International advertising revenue, excluding FX, decreased 5% due to lower ratings and digital advertising in the UK. International AOI for the first quarter was $5 million with an 8% margin

• 2026 outlook contemplates consolidated revenue of approximately $2.25 billion, AOI of approximately $350 million, and free cash flow of at least $200 million. - Anticipate AOI will continue to be back half-weighted due to timing of licensing revenue and streaming rate events. - Second quarter AOI will represent the low point for the year due to revenue dynamics and timing of expenses

• Q: Update on relicensing The Walking Dead, residual component and inclusion in 2026 guidance.

A: Kristen and Mike discussed relicensing considerations, co-exclusivity, and that Walking Dead rights not included in 2026 AOI estimate. - Q: Streaming revenue growth acceleration in back half.

A: Nick said looking at double digits for the year, building throughout. - Q: Considerations beyond monetary for Walking Dead licensing, advertising drivers, affiliate improvement.

A: Kim discussed customer experience, ad revenue trends and growth drivers, and affiliate timing and stability. - Q: Health of content licensing market, ASR and capital allocation.

A: Kristen and Kim talked about content licensing market and Mike discussed capital allocation and ASR. - Q: Desire to get on more linear domestically and internationally, ad revenue drivers.

A: Kristen talked about desire for linear distribution and David talked about ad revenue drivers. - Q: Streaming subscribers strategy and monetization.

A: Kristen discussed streaming strategy and holistic approach with distribution partners. - Q: Cash content spending plans.

A: Dan talked about cash content spending plans being consistent with previous year